Porch Group, Inc. (PRCH): debt financing — Porch Group issues $333M of 6.75% secured convertible notes due 2028; repurchases $200M of 2026 notes

Porch Group, Inc.

Issued $333.334M aggregate principal of 6.75% senior secured convertible notes due 2028 at 95% of par.
Net cash proceeds of ~$100M after repurchasing $200M of 0.75% 2026 notes and repaying $10M subsidiary debt.
Initial conversion price ~$25.00/share; max 13.33M shares issuable upon conversion.
Notes secured by first-priority lien on substantially all assets of Porch and subsidiary guarantors.
Interest semi-annual; maturity Oct 1, 2028; optional redemption after Oct 1, 2024.

item 1.01 item 2.03 item 3.02 item 9.01 item 4.1

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Porch Group, Inc. incurred convertible notes of $333.334 million with The Investors at 6.75% per annum maturing October 1, 2028.

Instrument: convertible notes
Principal: $333.334 million
Counterparty: The Investors
Rate: 6.75% per annum
Maturity: October 1, 2028
Event: incurrence

Exact text from the filing

On April 20, 2023, the Company issued $333.334 million in aggregate principal amount of 2028 Notes to the Investors in the 2028 Notes Offering pursuant to the terms of the Subscription Agreements, the Indenture and the Global Note.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Porch Group, Inc. entered into Indenture with U.S. Bank Trust Company, National Association valued at $333.334 million (effective 2023-04-20).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $333.334 million
Effective: 2023-04-20

Exact text from the filing

The Company issued the 2028 Notes under an indenture, dated as of April 20, 2023 (the “Indenture”), among the Company, certain subsidiaries of the Company, as Subsidiary Guarantors (as defined below), and U.S. Bank Trust Company, National Association (“U.S. Bank”), in its capacity as trustee and as collateral agent thereunder.

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Porch Group, Inc. filing history →

Source: SEC EDGAR

accession 0001558370-23-006371

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